Yaromir Steiner, chief executive officer of the private Ohio-based firm that has managed the Camden Adventure Aquarium for several years, told us some interesting things last week after his Steiner+Associates announced a state-approved deal to hand off most - but not all - of its N.J. aquarium-management subsidiary to Herschend Family Entertainment Corp., which owns Philadelphia's "Ride the Ducks" buses.
Steiner said by phone that he's turning his focus to real estate development and away from running attractions like the Camden facility and another aquarium in Kentucky. (Both were included in the sale to Herschend.) Then Steiner lamented that the Delaware Riverfront boom has not yet materialized, mainly because of stifled development on the Philly side, including the unbuilt river tram. He essentially conceded that the mission of helping Camden got under his skin and it may have infulenced his business decisions.
"What happens is, you get involved in Camden, and you get emotionally attached to it, and it becomes more than a money-making venture," Steiner told us by phone from his home in New Albany, Ohio.
He said he had a tram-related escape clause, but he stuck by the business in Camden hoping for the best. And then he says this: "In retrospect, maybe we would not have done it."
So did he lose money in Camden? Does he regret the aquarium business? "We did not lose money on the deal, but we'll make more money on doing real estate."
Including in Camden. Steiner said he is not done with Camden and reportedly will continue what the Courier Post has called a "potentially lucrative role" as master developer of 27 acres of residential land north of the aquarium. The Inquirer has reported that he's working on a hotel project. But the aquarium business was tough. Steiner, who managed the aquarium through a wholly owned Camden subsidiary, has had his share of controversy including a lot of hand-wringing over his deal and the expansion costs. He came in 2004 when the facility, which is owned by the state of New Jersey, was struggling as the New Jersey State Aquarium and about to close for expansion. The state contracted Steiner's firm to revamp the facility's image and management after expansion. It reopened in 2005 as the Adventure Aquarium, with Steiner paying the state a leasing fee and retaining all door receipts, minus a small share for city taxes. It has clocked more than 2 million visitors at an average ticket price of $16.
But the best laid plans, well, you know. The tram project stalled. The Street administration in Philadelphia couldn't figure out its Penn's Landing strategy. In August Steiner let it be known he wanted to get out of the aquarium-management business. He approached Herschend about taking control of his subsidiary and asked N.J. officials to approve his plan to sell part of the subsidiary to Herschend. Herschend initially wanted full ownership but, according to Steiner, eventually relented and let Steiner keep a small share without control. The state granted its approval in mid-November. Then the deal was sealed and announced on Friday.
Neither Steiner nor CEO Joel Manby of Herschend, of Norcross, Ga. would reveal the value of their transaction. Manby said in the announcement: "We will operate business as usual, with a focus on making the operating transition as smooth and transparent as possible for the Aquariums' guests and employees." And maybe Herschend will run its Ducks buses all the way across the river, so the tram won't be needed anyway.
